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A descending triangle (symmetrical to be more precise) topping pattern is noticed. The “e” leg is forming.
Hitting resistance at 638 levels will complete the pattern. 560 levels will be a support and breaking below it will confirm the pattern. The RSI is not displaying any zeal and hitting resistance at 60 levels. To prove their worth buyers in the stock will have to push the prices above 655 levels (where this whole pattern will negate). The price target of the triangle is at 465 levels.
Please note that the pattern is yet to complete!
_ Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA